Symponia says bonds have a place in long-term care
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Long-term care specialist Symponia has defended the use of investment bonds to fund LTC following the FSA fining HSBC £10.5m for misselling the products to elderly customers.
Symponia joint founder and director Janet Davies says consumers should be aware that investment bonds can be a tax-efficient way of generating income. She says: “The fine against HSBC is the first time that care fee advice has been tarnished with misselling and we sympathise with the families involved but it is important that bonds are not vilified, as how they are applied is critical.”
Care Fees Investment managing director Andrew Dixon-Smith says: “There are examples where an investment bond can be appropriate but it is very much dependent on the life expectancy of the individual.”
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